A prominent Bloomberg analyst has made a historical forecast for the Bitcoin price. Accordingly, the senior analyst says that BTC has not yet achieved the most successful rise in its history. He also underlines that he has the potential to make this bull run soon. We have compiled the details for you.
“Bitcoin will make its historical rise in this period”
The forecast came from Bloomberg senior analyst Mike McGlone, who is well known in financial circles. McGlone said that the leading cryptocurrency was trading extremely low in the second half of the year. However, he also emphasized that at this low price, he could make the biggest bull run in history this summer. However, McGlone shared his predictions that cryptocurrencies may now be an outdated trend. However, he underlined that the consensus points to a rise in the number of people using Bitcoin. Accordingly, BTC will make a big bull run with the increase in the number of users. The analyst’s views had a great impact in the cryptocurrency community. Because McGlone was on the rise, unlike analysts who constantly predicted low prices.
“Bitcoin has the potential to be one of the biggest bull markets in history as we start the second half of the year at a relatively discounted price. However, crypto can be a failed experiment in the process of being rendered useless like oil. In our view, Bitcoin adoption is more likely to continue to rise.”
McGlone’s crypto predictions
Prior to his Bitcoin-related Twitter post, McGlone touched on the general outlook for cryptocurrencies. McGlone said that a common theme in cryptocurrencies is to embrace the bear market. He also likened the current era to the “burst of the internet bubble” between 2000 and 2002. Accordingly, the crypto market will build a better financial system with a longer-term focus. In addition, McGlone stated that price drops for many assets are normal. According to the analyst, most assets were in the process of shedding their excess in the first part of the year.
Midyear Outlook: #CryptoAssets – A common theme in cryptos is to embrace the bear and build a better financial system, notably from the institutional and longer-term focused, akin to 2000-02's bursting internet bubble. Purging the excesses was the state of all risk assets in 1H pic.twitter.com/Jm785sHnmP
— Mike McGlone (@mikemcglone11) July 6, 2022
McGlone compared the Wilshire 5000 Total Market Index to the United States Gross Domestic Product. Accordingly, the analyst created a chart combining the two data. Then, on top of that, he added a curve showing the total market capitalization of cryptocurrencies. McGlone’s chart was intended to provide a more comprehensive picture of what was going on. Made famous by billionaire Warren Buffett, this chart presents multiple, multi-time valuations in one image.
Alongside risk-reward-sensitive investors
Stating that the risk-reward ratio supports sensitive Bitcoin investors, McGlone presented an index as evidence. Accordingly, the Bloomberg Galaxy Crypto Index is approaching a dip similar to the bottom in 2018. well cryptocoin.comAs we reported, Bitcoin’s 50- and 100-week moving averages are similar to their previous fundamentals.
